Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May of the current year. The company expected to operate the department at 100% of normal capacity of 6,500 hours. Variable costs: Indirect factory wages $18,850 Power and light 15,210 Indirect materials 12,610 Total variable cost $46,670 Fixed costs: Supervisory salaries $13,310 Depreciation of plant and equipment 34,130 Insurance and property taxes 10,410 Total fixed cost 57,850 Total factory overhead cost $104,520 During May, the department operated at 6,900 standard hours. The factory overhead costs incurred were indirect factory wages, $20,210; power and light, $15,860; indirect materials, $13,700; supervisory salaries, $13,310; depreciation of plant and equipment, $34,130; and insurance an property taxes, $10,410. Required: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 6,900 hours. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your per unit computations to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Tiger Equipment Inc. Factory Overhead Cost Variance Report-Welding Department For the Month Ended May 31 Normal capacity for the month 6,500 hrs. Actual production for the month 6,900 hrs. Actual Budget Unfavorable Variances Favorable Variances Variable costs: Indirect factory wages Power and light Indirect materials Total variable cost Fixed costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed cost Total factory overhead cost $ Total controllable variances E Excess hours used over normal at the standard rate for fixed factory overhead